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Gold and Oil Markets Report – 9 Jan 2012

Crude prices have been affected by countering forces between contracting demands from European’s recession and Iranian tension. Last week, the WTI Crude floated above USD100.00 /barrel while Gold prices recovered above USD1600.00 /oz. The meltdown in Eurozone economy and subsequent downgrade in Hungary triggered investors to return into buying Gold as safe haven!

Crude Oil

This week, we reckon the WTI Crude will hover in 100.00 regions while making consolidation. No clear direction is expected yet but the ongoing trade embargo on Iranian exports will continue to lead the subsequent market trend. We predict some sideways will occur from 98.00 – 104.00 levels but prone to technical weakness. Abandon your short view if the market penetrates above 104.00 benchmarks.


Gold prices have been favored by investors but technical digestion will be expected in coming week. We predict the trend will move sideways with support resting at 1595.00 regions while topside may try marginal high at 1640.00. From technical outlook, we prefer to pick short from higher prices whenever the market pulls up in quick retracement.


Silver prices have shown strong buying interest at 26.00 – 26.40 regions which staged a rebound last week. This week, we predict the trend will move sideways from 27.60 – 30.00 in consolidation following the trend of Gold prices. However, there may be another possibility to test the lower support at 27.20 levels if the bears take a quick dip!

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed higher on Friday on short-covering. The March contract closed at RM3211 /ton on Friday while resisted heavily from topside 3240 levels. The slowdown in Eurozone in demands over manufacturing, food commodity and energies created a direct impact on CPO prices. This week, we reckon buyers will become cautious and the market may be prone to make technical correction at 3110 levels. Abandon your short-view if the market penetrates above 3250 benchmarks.

Dar Wong

This post is contributed by OPF Guest Blogger, DAR Wong.

Wong is founder and principal consultant of and holds a professional qualification in NASD series 3 and 5 approved by National Futures Association (USA). He was previously attached with Bankers Trust Futures Inc, Barclays ZW Futures and Smith Barney Shearson (Citigroup) Inc.

He is also an active trader and author of 8 Ways to Invest In China’s Emerging Markets. Wong is also columnist for The Star, The Borneo Post in East Malaysia, The Busy Weekly, The Trader’s Journal, The Forex Journal, The Pulses, The Analysts and Capital Asia magazine.

He is a regular speaker on trading topics as well as Master Speaker for the annual Asia Traders and Investors Convention (ATIC).

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DISCLAIMER: This post is written for general information only. The author, publisher and/or any third party involved in the distribution of this work assume no legal responsibilities and shall have no liability whatsoever for any direct or consequential losses, costs or expenses arising from the use of the information contained herein.

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